Ethereum price analysis: Bears take control to bring ETH/USD back inside the Bollinger Band

• ETH/USD has gone down from $221.35 to $217.75 so far today.
• The Relative Strength Index (RSI) indicator is still trending in the overbought zone.  

Following eight straight bullish days, the bears have finally taken control of the market. ETH/USD has gone down from $221.35 to $217.75 so far today. Let’s look at the hourly breakdown of Thursday and Friday. This Thursday, the bears had initial control of the market. The price fell from $210.50 to $204.34, where it found support and jumped up to $220.65. After a brief jump to $222, it settled around $221.35. The bears started Friday strong and brought the price down to $216.90. The bulls have since taken control to bring ETH/USD up to $217.75.

ETH/USD Daily Chart

ETH/USD has consistently peaked above the 20-day Bollinger Band for the last four days, indicating that it was overvalued. The bears managed to take the price back inside the Bollinger band today. The price is still trending above the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Elliott Oscillator shows 19 straight bullish sessions of growing intensity. The Relative Strength Index (RSI) indicator is still trending in the overbought zone, hinting at more bearish correction.